Patricia on Estate Planning

My passion is to educate and empower women to value themselves and their contributions in order to ACCOMPLISH GREAT THINGS in the world- and in so doing PROTECT THEMSELVES, those they love and the organizations they care about.

It is more important today than ever that women educate themselves about the power of  wealth and legacy. Education leads to empowerment. Empowerment leads to action. The time to educate, step into power and act is now. Did you know:

*That the baby boomer woman (of which there are more than 38 million in this country alone) is a “double inheritor” – meaning she will inherit twice: once from her parents and once from her spouse.

*Estate planning is much more than what happens when you die. The number one  estate planning question for an aging population should  be: Have I protected myself?  It is important to remember what the flight attendant says every time the plane is about to take off – if the pressure in the cabin changes and you are traveling with a small child, put the mask over your own face first. It is only when you protect yourself that you will be able to protect others.

*The importance of protecting yourself? What would happen if you were suddenly unable to make your own medical and/or financial decisions? Who would you select to make those decisions for?  And what controls should I put on that choice?

A critical part of estate planning that does not receive enough attention is not about your disability or death; it is about the disability or death of someone you depend on emotionally or financially.

*If your parents die are their affairs in order? Are you in charge? Do you know what to do and where to go?

*If your spouse or partner becomes disabled what is the impact to you- financially and emotionally? Have you  thought about and planned for that?

*If your spouse or partner dies before you what is the financial impact to you? On your income, debt, and assets? Who would be in control? If you think it’s you, are you sure?

*If there are trusts for benefit who is in charge of them? What are your rights? What is discretionary?

*If you are in a second marriage and your spouse predeceases you what is the financial consequence to you? What about ownership of the home? Are your financial affairs entwined with children from a prior marriage? Who is in charge?

As life and circumstances change – for better or worse – it’s important to remember that life is a movie, not a snapshot. You need to regularly review and update your plan. And the time to think about planning is now- when there is no reason to do it. And that is also the hardest time to focus on planning .

Don’t be Scarlett O’Hara “ I can’t think about that right now. If I do, I’ll go crazy. I’ll think about that tomorrow. While tomorrow is another day, it’s also not a guarantee. Think about it right now and start the planning process to protect yourself, your family and your charities today- one step at a time.

Contact Patricia at patricia@patriciaannino.com for more information on creating a secure future.

THE LAW FIRM

Patricia Annino is a partner in the Boston law firm of Prince Lobel Tye, LLP, where she chairs the firm’s Trusts and Estates Practice Group, and where she is also a member of the firm’s Media and Intellectual Property Group. She represents high net worth families, the owners of closely held businesses, authors, artists, and musicians in estate planning and probate matters.

 

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